Francisco Partners, a leading technology-focused growth equity firm, has completed its acquisition of Smith Technologies, a leader in pharmacy technology and public sector software, from J M Smith Corporation. The investment by Francisco Partners will help the company accelerate its growth strategy as an independent entity. Terms of the transaction were not disclosed.
As it embarks on a new chapter as a standalone business, the company will be rebranded as RedSail Technologies™. Under this new name, the company will continue to build upon decades of market leadership and will also continue to offer the same solutions under its three core product brands: QS/1®, Integra®, and PUBLIQ®.
In connection with the transaction, Kraig McEwen will join the company as Chief Executive Officer. Kraig McEwen has over 20 years of experience in healthcare technology markets. Previously, McEwen was co-founder of TrellisRx, a leader in the health system specialty pharmacy market. Prior to that, McEwen was the CEO of Aesynt, a market leader in pharmacy medication management solutions.
“I am fortunate to be joining the company at such an exciting time,” McEwen said. “RedSail has developed an unparalleled reputation as a leader across its core markets, and I am grateful for the opportunity to help the company and its employees continue to execute on their vision. Through focused product investments, our goal is to address our customers’ most critical needs, empowering them with innovative software and services.”
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“Kraig McEwen is a very accomplished executive in the healthcare technology space, and we are thrilled to have him join RedSail,” said Chris Adams, Co-Head of Healthcare IT at Francisco Partners. “His experience in the pharmacy sector will be invaluable as the company grows and expands its leadership as a standalone business.”
The investment by Francisco Partners marks a transition in ownership from the J M Smith organization, which has grown the company over many decades to provide industry leading software solutions used by thousands of pharmacies and public sector customers across the country.
Piper Sandler & Co. served as financial advisor and Davis Polk & Wardwell LLP acted as legal advisor to J M Smith Corporation. Robert W. Baird & Co. served as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Francisco Partners.
Source: Biospace
